Oil traded near a two-month high after breaking out of its recent trading range on an escalation in tensions in the Middle East and concerns over the rapid start to the Atlantic hurricane season. Brent crude traded near $87 a barrel after a 1.9% gain on Monday, while West Texas Intermediate was above $83. Israel’s military said 18 soldiers were injured in a drone attack by Hezbollah, one of them seriously, threatening to move their conflict closer to a full-scale war.
Meanwhile, Hurricane Beryl made landfall on Carriacou Island in the Caribbean as a category 4 storm, raising concern that such a severe system this early in the year may portend a serious hurricane season, which is still months away from its typical peak. Oil is cementing last month’s gains, as OPEC+ keeps supply in check and travel picks up in the northern hemisphere summer, with traders likely to keep a close eye on gasoline demand around Thursday’s US Independence Day holiday.
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